RALEIGH, N.C., Sept. 17, 2009 (GLOBE NEWSWIRE) -- DARA BioSciences, Inc. (Nasdaq:DARA), a development-stage pharmaceutical company, today announced that it has entered into a definitive agreement with institutional investors to sell 2,200,000 units, with each unit consisting of one of the Company's common shares and 0.50 warrants to purchase one share of common stock, for gross proceeds of approximately $1.2155 million, before deducting placement agent fees and estimated offering expenses, in a "registered direct" offering. The investors have agreed to purchase the units at a purchase price of $0.5525 per unit. The warrants, which represent the right to acquire 1,100,000 common shares, will be immediately exercisable and remain exercisable until the 5-year anniversary of the closing of the transaction at an exercise price of $0.49 per share, which was at the closing price of the Company's common shares on the NASDAQ Capital Market on September 15, 2009. Moody Capital Solutions, Inc., acted as placement agent for the offering.
